ITM Power PLC New Factory Update (1964G)
July 22 2019 - 2:00AM
UK Regulatory
TIDMITM
RNS Number : 1964G
ITM Power PLC
22 July 2019
22 July 2019
ITM Power plc
("ITM Power" or "the Company")
New Factory Update and Senior Production Appointment
ITM Power (AIM: ITM), the energy storage and clean fuel company,
is pleased to announce that it has signed an agreement ("the
Agreement") to lease new premises in Sheffield for its global
manufacturing headquarters and has made a senior production
appointment to support the transition to the new facilities.
The Agreement is for ITM Power to lease a new build development
of 134,000 square feet in Sheffield, UK, at PLP Bessemer Park. The
manufacturing facility will have an electrolyser manufacturing
capacity of up to 1GW (1,000MW) per annum, the largest in the
world. PLP Bessemer Park is being developed by PLP. The Agreement
commits ITM Power and PLP to enter into a lease at completion of
the building, expected in Q4 2019.
PLP Bessemer Park is a new 50-acre development at a strategic
location next to junction 34 of the M1 and in close proximity to
the Company's existing facilities. ITM Power expects to occupy the
building from March 2020 and complete its own technical and
industrial fit out and transition the majority of its operations
into PLP Bessemer Park by Summer 2020.
The requirement to expand ITM Power's production capacity has
been led by the continued growth in the Company's order pipeline.
The new headquarters will see ITM Power co-locate into a single
building and gain access to a five-fold increase in production
space. Key to the selection of the building was the proximity of
the grid connection to provide the substantial power supply
required for ITM Power's needs, using existing infrastructure near
to the location.
ITM Power has been able to take advantage of a new build
development in construction that will meet its needs for capacity
and production at speed. The new development will include capacity
for 140 office-based staff and will accommodate a large production
and after sales support workforce. It has the advantage of
excellent public transport connections in addition to substantial
parking facilities for staff and visitors.
Key to the Company's development strategy is reducing the cost
of its product offering through standardisation, process
development and production volume. Central to this is the adoption
of semi-automated manufacturing equipment for repeat components.
These special purpose machines have required significant upfront
engineering and verification work as part of an integrated
manufacturing system. The planning behind this important step for
ITM Power has been underway for some time and has worked in
parallel to the search for the right premises. Key to maximising
product throughput is the increase in mains power connection
available at PLP Bessemer Park. The substantial power connection
will enable parallel testing of larger products prior to
dispatch.
The Company is also delighted to announce a senior production
appointment. Grant Teagle is appointed as Master Production
Scheduler and brings significant experience in manufacturing
including change management and driving complex projects in
production.
Dr Graham Cooley, CEO, ITM Power plc commented: "The move to
larger premises and the design of our new manufacturing and testing
process has taken some time. I am delighted to be able to announce
this key milestone in the project and I do so with confidence that
ITM Power and its advisors have done a thorough job in selecting
the right premises. The detailed planning that has taken place will
pay dividends as we transition our activities to PLP Bessemer Park
from the New Year."
Neil Dickinson, Chief Investment Officer at PLP said: "This
leasing deal with ITM Power is another example of PLP's capability
in delivering high quality industrial units in strategic locations
across the UK. We are looking forward to welcoming ITM Power to PLP
Bessemer Park."
For further information, please visit www.itm-power.com or
contact:
ITM Power plc (0)114
Graham Cooley, CEO +44 244 5111
Investec Bank plc (Nominated Adviser and Broker)
Jeremy Ellis / Chris Sim +44 (0)20 7597 5970
Tavistock (Financial PR and IR)
Simon Hudson / Nick Elwes / Barney Hayward +44 (0)20 7920 3150
About ITM Power
ITM Power plc manufactures integrated hydrogen energy solutions
for grid balancing, energy storage and the production of green
hydrogen for transport, renewable heat and chemicals. ITM Power plc
was admitted to the AIM market of the London Stock Exchange in
2004. In September 2017, the Company announced the completion of a
GBP29.4m working capital fundraise. The Company signed a forecourt
siting agreement with Shell for hydrogen refuelling stations in
September 2015, which was extended in May 2019 to include buses,
trucks, trains and ships, and subsequently a deal to deploy a 10MW
electrolyser at Shell's Rhineland refinery. The Company entered
into a Strategic Partnership Agreement with Sumitomo Corporation in
July 2018 for the development of multi-megawatt projects in Japan.
Additional customers and partners include Ørsted, National Grid,
Cadent, Northern Gas Networks, Gasunie, RWE, Engie, BOC Linde,
Toyota, Honda, Hyundai, Anglo American among others.
About PLP
Established in 2015, PLP is a specialist UK logistics and
industrial property business. The full service platform develops,
manages and owns prime-grade UK logistics real estate with in-house
management expertise across all key capabilities including
acquisitions and sourcing, development, leasing and asset
management. The PLP platform is owned by MIRA Real Estate, Peel
Group, Ivanhoé Cambridge and its senior management team.
-ends-
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END
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